Opus One Renegotiates Its Fecteau Property Deal and Reiterates Its Confidence in the Exploration Potential of the Project for Gold
MONTREAL, Oct. 15, 2020 - Opus One Resources Inc. (the “Company” or “OPUS ONE”) – (TSX Venture Exchange: OOR), is pleased to announce that it has successfully amended the original option agreement on the Fecteau property in order to give the Company more time to complete its exploration effort on this strategically located property. For more details, see news release dated from June 27th, 2016.
The Fecteau property consists of 84 claims, located in the Urban-Barry greenstone belt, some 25 km to the east of Osisko’s Windfall deposit. It covers approximately 10 km of an east-west striking felsic volcanic package ending at both ends with a fold. Although the felsic package is of interest for base metal exploration (based on numerous gossans along the top of the unit), the overall environment, including the two folds at both ends of the felsic package, is particularly favorable for gold deposits.
In recent years, Opus One completed two programs of till sampling as well as lithogeochemical sampling, prospecting, trenching and limited drilling on a narrow quartz vein found at surface. Results are pending from the laboratory for the lithogeochemical sampling program. However, partial results are available for the till sampling programs. These programs outlined four gold target areas that have not been explored by drilling yet. These four unexplored gold targets are clearly significant and more exploration, in the form of ground geophysics and drilling, are planned for the coming year. The gold anomalies in the till (chemical analysis and gold counts) compare advantageously in intensity and quality with other anomalies associated with known deposits in the Abitibi and James Bay.
Based on these highly positive results, the Company decided to present to the property owners a proposition to amend the initial agreement in order to give the Company more time to complete its exploration effort. Under the amendment, the Company has agreed to pay the property owners an amount of $50,000, half of which is payable in common shares of the Company at a deemed price of $0.08 per share (312,500 common shares), as consideration for the amendment. Furthermore, as per the amendment, the Company now has until December 31, 2023 to acquire a 100 % interest in and to the Fecteau Property by completing its remaining payment and exploration expenditure obligations under the option agreement. As such, the Company’s remaining option payments total $250,000 (of which an amount of $75,000 is payable on or before January 31, 2021) and exploration expenditures commitments total $500,000 (of which an amount of $150,000 is to be incurred on or before December 31, 2021). Also, the parties have agreed that 50% of the remaining option payments to be completed by the Company under the option agreement, as amended, shall be payable in common shares of the Company at a price per share equal to the closing price of such shares on the TSX Venture Exchange (the “Exchange”) on the trading day immediately before the date of issuance, subject to the minimum price allowed by the policies of the Exchange (for a maximum of 2,500,000 common shares which may be issued under the amendment). All shares issued by the Company under the amendment shall be subject to a regulatory hold period of four months and one day from the date of issuance. The amendment remains subject to the approval of the Exchange.
About OPUS ONE Resources Inc.
Opus One Resources Inc. is a mining exploration company focused on discovering high quality gold and base metals deposits within strategically located properties in proven mining camps, close to existing mines in the Abitibi Greenstone Belt, north-western Quebec and north-eastern Ontario - one of the most prolific gold mining areas in the world. Opus One holds assets in Val-d'Or, Matagami and Chibougamau areas. The Bachelor Extension property is adjacent to the Bonterra Resources Bachelor gold mine, the Vezza Extension and Vezza North properties are located a few kilometers west and north of the Vezza mine, which until recently was in production by Nottaway Resources Inc. private company. The Noyell property is located a few kilometers east of the Vezza mine. The Courville property is located east of Val D’Or. Opus One has also optioned a property that is easily accessible by a good roads network, the Fecteau property, located in the Urban-Barry township which is host to the Windfall Lake deposit and which is currently under intense development work by Osisko Mining and several other exploration companies.
Pierre O’Dowd, P. Geo, [Independent Consulting geologist] acts as a Qualified Person as defined in National Instrument 43-101- Standards of Disclosure for Mineral Projects and has reviewed and approved the technical information in this press release.
Forward-Looking Statements
This news release contains statements that may constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, costs, objectives or performance of OPUS ONE, or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including the development of the Fecteau Property and what benefits OPUS ONE will derive therefrom. Forward-looking information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond OPUS ONE’s control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors” in OPUS ONE’s management discussion and analysis for the last interim financial statements for the quarter ended May 31, 2020, a copy of which is available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. OPUS ONE does not intend, nor does OPUS ONE undertake any obligation, to update or revise any forward-looking information contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Louis Morin, CEO & Director
T (514) 591-3988
Info@OpusOneResources.com
Michael W. Kinley, CPA, CA
President, CFO & Director
T (902) 826-1579
F (902) 826-2550
C (902) 402-0388
mkinley@winassoc.biz
Visit Opus One’s website: www.OpusOneResources.com
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a30f8335-839b-47d1-8d69-f39274778ef1
https://www.globenewswire.com/NewsRoom/AttachmentNg/33b66edc-452a-4d97-a177-58f544176573
